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| And production there has been extremely strong |
| I mean, we are getting a wonderful value |
| So Graham, in your section earlier, you said you are balancing investing for growth, maintaining a strong balance sheet and strong capital returns back to shareholders |
| Wheatstone is performing very well |
| The base business is performing well |
| I'm pleased with the project execution |
| But again, it's a fantastic asset, and it's generating tremendous cash that's enabling us to continue to invest in profitable growth and return value to shareholders who have stuck with us through the cycle |
| And I think it's a great proof point of the merit of taking a project through with high working interest as you get significant benefits once you get into that operational phase |
| Again, we're seeing really pretty positive resource performance from the Pluto set of assets |
| I'm pleased to report that in 2023, we delivered record full year production with excellent LNG reliability |
| We were very pleased with the reserve add |
| During this time, we were able to provide our customers with reliable, affordable and secure energy |
| At the same time, the fundamentals of long-term LNG demands remain strong |
| We are very pleased with how Pluto has been performing |
| But as I said in the call, we're pleased with the portfolio as it stands today |
| We are very comfortable with the portfolio as it stands, and we're very pleased with the progress that we're making on these growth projects |
| And I think that has served us extremely well |
| With strong fundamentals, our high-quality portfolio is positioned to provide energy now and into the future |
| We see clear benefits of our merger with BHP's petroleum business |
| I'm immensely proud of our achievements in 2023 |
| Our outstanding LNG reliability contributed to this record overall production, which we achieved while also successfully delivering planned turnarounds |
| We deliver strong and consistent returns to our shareholders, and we are on track to deliver our emissions reduction targets |
| This strengthens our position as a portfolio player, supplying our own LNG as well as third-party volumes to our customers |
| I'm really pleased with the work we've done over the past few years to grow our percent of women in that |
| We have a high-quality portfolio, geographically advantaged to meet growing LNG demand |
| Woodside is positioned to thrive through the energy transition |
| projects and continuing to have that sharp focus on cost efficiency will ensure that we are better positioned than many others to compete for the attractive customers and those attractive contracts over the long term |
| But thanks to our strong underlying business, we have demonstrated resilience across our financial metrics |
| We were free cash flow positive, $0.6 billion in cash generated after we reduced our capital expenditure off of our operating cash flow |
| Now what makes us tremendously proud is that in this inflationary environment, we continue to return strong dividends to our shareholders |
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| But nonetheless, I still really struggle with how you're going to satisfy those three things around growth, balance sheet and capital returns |
| I mean, historically, we probably thought maybe special dividends is more likely, but also the share price has been weak in the last 4 to 5 months |
| As you can see on the charts, we saw extraordinarily -- extraordinary volatility in 2022, resulting from Russia's invasion of Ukraine and subsequent impacts on global oil and gas trade |
| But unfortunately, the resource performance has disappointed |
| Look, I think the markets we -- for a variety of scheduling reasons, we announced on a Friday, that was probably a factor in why things weren't picked up on Friday, and then there was a bit of market softness overall yesterday |
| The Wildling opportunity we pursued in 2022, and that was unsuccessful |
| I'm pleased to report we have further reduced our net equity Scope 1 and 2 emissions in 2023, and we are now 12.5% below our starting base |
| They've unfortunately set targets that are somewhere between very difficult and impossible to achieve around the matching frequency of green credits to green hydrogen production |
| Overall, commodity prices were lower compared to the highs we saw in 2022, and this is reflected in our financial performance |
| But again, that shouldn't have been a surprise |
| The issue that we've been grappling with over the last few months is the U.S |
| Mad Dog Phase 2, you'll recall we were limiting -- we're managing performance -- sorry, managing production last year because we were continuing to work through some of those integrity issues |
| And I'm happy to admit I'm perhaps a little bit confused about the strategic rationale of some of these actions and the rhetoric |
| This year, a little bit more subdued as market conditions were more subdued, but it was $375 million |
| This year, with prices dropping, it's seen a part of that unwind |
| There's also obviously been some of those EP delay issues |
| I figure that's just a formatting issue |
| So all of those things affected our cash position and thus, we're starting the year with a higher net debt |
| The price tag is, I think, 1.5% below the LNG Japan sales |
| The other important point to note is that gas does and will continue to have more volatility than oil |
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